Piyush goyal on indian startups: Speaking at a start-up event

Speaking at a start-up event earlier this week, Goyal showed a slide comparing start- ups in India and China, and said that Indian startups are busy making “food delivery apps, fancy ice cream & cookies, instant grocery delivery, betting & fantasy sport apps and reels & influencer economy.” India 's Commerce Minister Piyush Goyal ' s recent comments about the country's start - up ecosystem have sparked a massive debate on social media and evoked strong reactions from some... In a sharp critique of India 's startup ecosystem, Union Commerce Minister Piyush Goyal said while many startups in the country were overly focused on food delivery and betting and fantasy sports apps, those in China were working on EV, battery tech, semiconductors and AI. To conclude, Piyush Goyal is both right as well as wrong. He is right in pointing out that much of India ’s startup ecosystem today revolves around services that sit atop pre-existing systems. They are funded by venture capital and thus chase scale over substance.